Mashroo3k Economic Consultancy has provided key indicators for its clients to help investors and entrepreneurs launch their e-commerce projects based on reliable data and figures. The company views the e-commerce sector as promising due to the rising consumer demand and the high percentage of young people using the internet and smartphones, making this sector and its projects a significant investment opportunity in Saudi Arabia.
It is expected that global e-commerce revenues will reach $8,290 billion in 2024. In 2019, the number of internet users engaging in e-commerce (buying or selling) in Saudi Arabia reached 23.7 million and is projected to increase by 42% to 33.6 million users.
Clothing, footwear, and sports goods are the most purchased items online, accounting for 67% of total e-commerce sales. Cosmetics come second at 25.9%, followed by books and magazines at 24%, and IT services at 16%. Other products share the remaining percentage.
The COVID-19 pandemic led to a 12.4% increase in the number of e-stores in Saudi Arabia, rising from 25,501 stores in Q4 2019 to 28,676 stores by mid-2020.